Title:An Overview of the Crisis: Causes, Consequences and Solutions
Author(s):ALLEN, Franklin; CARLETTI, ElenaDate:2009Type of Publication:ArticleAbstract:What caused the crisis? Initially many thought that it was due to incentive problems in the U.S. mortgage industry. However, after the large economic meltdown following Lehman Brothers' bankruptcy in September 2008, it ...
Title:Mark-to-market Accounting and Liquidity Pricing
Author(s):CARLETTI, Elena; ALLEN, FranklinDate:2008Type of Publication:ArticleAbstract:When liquidity plays an important role as in financial crises, asset prices may reflect the amount of liquidity available rather than the asset's future earning power. Using market prices to assess financial institutions’ ...